Insurance group AXA has announced the consolidation of its general and life insurance businesses under a single entity called AXA Insurance.

AXA Insurance Singapore transferred its business to AXA Life Insurance Singapore from Sunday, the company said in a release yesterday, with the single entity being granted a composite insurance licence.

The merging was carried out through a scheme of transfer, which was licensed and approved by the Monetary Authority of Singapore and the High Court, the release added.

There will be no change to the obligations and services due to the customers as a result of this consolidation, it said.

"The consolidation of both classes of business into a single insurer will allow us to have a more comprehensive picture of our customers' insurance needs and better service their general insurance and life insurance needs," said Ms Doina Palici-Chehab, chief executive of AXA Insurance.

The merging will also give customers the convenience of accessing the full range of integrated general and life insurance services.

Policy benefits will also be honoured and remain in force as per existing terms and expiry dates, the company said.

AXA has more than a quarter of a million customers in Singapore, from individuals to established businesses.